Europe November paraxylene settles up €20/tonne at €1,210/tonne

BERLIN (ICIS)--The European November paraxylene (PX) contract price has been settled at €1,210/tonne ($1,532/tonne), up €20/tonne from the previous month, one seller confirmed on Wednesday.

The delay in the European settlement this month was largely driven by a failure in the Asian market to reach a consensus on a number for November.

One major European buyer earlier said it was braced for a minor increase, although current demand levels among key derivative markets did not support any upward movement on pricing.

Speaking from the sidelines of the 11th World Aromatics & Derivatives Conference in ?xml:namespace>Berlin, Germany, one trader said the slight increase had been expected by many, as it kept European numbers slightly above Asia.

Looking ahead into 2013, there is an expectation that PX will remain balanced-to-tight globally, as STDP (selective toluene disproportionation) operating rates are kept lower on poor economics with benzene and toluene.

The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.

The 11th World Aromatics & Derivatives Conference, organised by ICIS and International eChem, is taking place on 13-14 November.